Top crypto exchange Kraken is currently in discussions for a final funding round before going public. Kraken aims to raise around $100 million ahead of launching an initial public offering (IPO), according to industry sources. Insiders suggest that Kraken could conclude this funding round by the end of the year.

When contacted, a Kraken spokesperson declined to comment on the matter. Kraken has a long history in the cryptocurrency industry, playing a significant role in its advancement. However, due to unresolved legal issues, the outcome of its latest fundraising efforts remains uncertain.

The U.S. Securities and Exchange Commission (SEC) sued Kraken last year, accusing the company of commingling client assets with corporate funds and operating an unregistered securities exchange. Kraken denied these allegations and is currently contesting the SEC’s claims, similar to other industry players like Coinbase.

Kraken again asks to dismiss SEC lawsuit, citing incorrect wording.

Several American-based crypto companies are planning IPOs as regulatory conditions shift in the U.S. ahead of the winter presidential elections. In January, stablecoin issuer Circle filed for an IPO after a previous unsuccessful attempt through a special purpose acquisition company (SPAC) agreement.

Additionally, while not a crypto-native company, the social network Telegram has gained attention in the blockchain space for its affiliations with The Open Network (TON). Telegram also has an IPO in the works.

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